@v587d/capital-generation 2.6.5 → 2.7.0

package/selected-skills/china-stock-research-skills/skills/shared/references/consumer-channel-brand-overlay.md

@@ -0,0 +1,29 @@
+# Consumer Channel and Brand Overlay
+
+Use this overlay when the stock depends on brand strength, channel health, same-store trends, distributor behavior, category expansion, and repeat consumption.
+
+## Typical Signals
+
+- Revenue depends on retail sell-through, store traffic, or distributor inventory.
+- Brand positioning and pricing power matter more than project wins.
+- Market-share changes can happen through channel expansion, category mix, or promotion intensity.
+
+## Questions to Force
+
+- Is reported revenue backed by real end demand or by channel inventory build?
+- Does gross margin reflect brand power or temporary promotion changes?
+- Are same-store growth, store efficiency, or distributor quality improving or deteriorating?
+- Which external source can validate channel health or category trends?
+
+## Main Sources
+
+| Source | What It Validates | URL |
+| --- | --- | --- |
+| Company annual and interim reports | Channel structure, product mix, inventory, receivables, store count | https://www.cninfo.com.cn/new/index |
+| National Bureau of Statistics | Retail sales and category-level consumption trends | https://www.stats.gov.cn/ |
+| Ministry of Commerce | Consumption policy and circulation data | http://www.mofcom.gov.cn/ |
+| Company official channels and regulated disclosures | New products, pricing changes, distributor or store updates | Use issuer official website or exchange disclosure |
+
+## Output Reminder
+
+Keep `sell-in`, `sell-through`, `inventory`, and `same-store` logic separate whenever possible.

package/selected-skills/china-stock-research-skills/skills/shared/references/cyclical-price-driven-overlay.md

@@ -0,0 +1,29 @@
+# Cyclical and Price-Driven Overlay
+
+Use this overlay when earnings are driven mainly by selling-price cycles, input-cost changes, utilization swings, and inventory turns.
+
+## Typical Signals
+
+- Revenue and profit swing with commodity or spot prices.
+- Gross margin moves more with spread changes than with volume growth.
+- Capacity additions, shutdowns, and inventory cycles matter more than product launches.
+
+## Questions to Force
+
+- What is the core profit driver: price, spread, utilization, mix, or cost curve position?
+- Is the company at the high point or low point of the cycle?
+- Are reported earnings sustainable if price or spread normalizes?
+- Which external data source can validate supply, demand, and inventory claims?
+
+## Main Sources
+
+| Source | What It Validates | URL |
+| --- | --- | --- |
+| National Bureau of Statistics | Output, industry production, fixed-asset investment, downstream demand | https://www.stats.gov.cn/ |
+| National Development and Reform Commission | Policy, capacity, macro and industrial guidance | https://www.ndrc.gov.cn/ |
+| Ministry of Industry and Information Technology | Industry policy, production restrictions, sector trends | https://www.miit.gov.cn/ |
+| Company reports and announcements | Capacity, utilization, expansion, cost sensitivity, inventories | https://www.cninfo.com.cn/new/index |
+
+## Output Reminder
+
+Separate `cycle tailwind` from `company moat`, and separate `temporary spread gain` from `structural competitiveness`.

package/selected-skills/china-stock-research-skills/skills/shared/references/export-manufacturing-supply-chain-overlay.md

@@ -0,0 +1,29 @@
+# Export Manufacturing and Supply-Chain Overlay
+
+Use this overlay when overseas demand, customer concentration, tariff exposure, FX, utilization, and inventory cycles dominate the stock story.
+
+## Typical Signals
+
+- A large share of revenue comes from exports or overseas customers.
+- OEM or ODM concentration, capacity utilization, and order visibility matter.
+- Tariffs, FX moves, and trade policy can reshape profitability quickly.
+
+## Questions to Force
+
+- Is growth driven by end-demand, market-share gain, customer stocking, or FX translation?
+- How concentrated are overseas customers and what bargaining power do they hold?
+- Are inventory and receivable trends consistent with reported order strength?
+- Which official source can validate export demand and trade policy change?
+
+## Main Sources
+
+| Source | What It Validates | URL |
+| --- | --- | --- |
+| General Administration of Customs | Export and import data, destination trends | http://www.customs.gov.cn/ |
+| Ministry of Commerce | Trade policy, export conditions, tariff-related policy | http://www.mofcom.gov.cn/ |
+| State Administration of Foreign Exchange | FX context and policy | https://www.safe.gov.cn/ |
+| Company reports and announcements | Region mix, customer concentration, inventory, receivables, capacity | https://www.cninfo.com.cn/new/index |
+
+## Output Reminder
+
+Separate `reported export growth`, `true end-demand strength`, `customer stocking`, and `FX benefit`.

package/selected-skills/china-stock-research-skills/skills/shared/references/financial-kpi-dictionary.md

@@ -0,0 +1,43 @@
+# Financial KPI Dictionary
+
+Use this dictionary for A-share industrial, infrastructure, IDC, and heavy-asset transition cases.
+
+## Quality of Growth
+
+| KPI | Formula or Definition | What It Signals | Common Red Flag |
+| --- | --- | --- | --- |
+| Revenue growth | Current period revenue vs prior comparable period | Scale expansion | Growth driven by low-quality one-off delivery |
+| Gross margin | Gross profit / revenue | Pricing power and project quality | Fast revenue growth with falling margin |
+| Operating cash flow / net profit | CFO / net profit | Earnings conversion | Sustained ratio below 1.0 |
+| Contract liabilities vs revenue | Deferred revenue and prepayments | Upfront cash and order confidence | Revenue rises while contract liabilities weaken |
+
+## Working Capital
+
+| KPI | Formula or Definition | What It Signals | Common Red Flag |
+| --- | --- | --- | --- |
+| Days sales outstanding | Accounts receivable / revenue x days | Collection efficiency | Rapid DSO expansion |
+| Contract assets growth | Unbilled receivables | Revenue recognition quality | Contract assets outgrow revenue for multiple periods |
+| Inventory turnover | Cost / average inventory | Sell-through and project execution | Inventory surges without matching delivery |
+| Cash conversion cycle | DSO + inventory days - payable days | Working-capital pressure | Longer cycle during claimed business upgrade |
+
+## Leverage and Solvency
+
+| KPI | Formula or Definition | What It Signals | Common Red Flag |
+| --- | --- | --- | --- |
+| Asset-liability ratio | Total liabilities / total assets | Balance-sheet leverage | Rising leverage with weak cash conversion |
+| Short-term debt ratio | Short-term debt / interest-bearing debt | Refinancing pressure | Too much short debt during capex cycle |
+| Interest coverage | EBIT / finance cost | Debt servicing ability | Coverage near or below 1.5x |
+| Current ratio | Current assets / current liabilities | Near-term liquidity | Below 1.0 with large capex plan |
+
+## Heavy-Asset Transition Metrics
+
+| KPI | Formula or Definition | What It Signals | Common Red Flag |
+| --- | --- | --- | --- |
+| Fixed assets growth | Change in fixed assets and CIP | Asset-heavy transition pace | Fixed assets rise before monetization proof |
+| Capex intensity | Capex / revenue | Investment burden | High capex without clear occupancy or load ramp |
+| Utilization or loading rate | Industry-specific operating metric | Asset monetization | New assets remain underutilized too long |
+| Impairment ratio | Impairment loss / equity or assets | Legacy-asset drag | Repeated impairment from old business |
+
+## Output Rule
+
+For every KPI used in a report, cite the underlying document and define the period and denominator.

package/selected-skills/china-stock-research-skills/skills/shared/references/idc-heavy-asset-transition-overlay.md

@@ -0,0 +1,73 @@
+# IDC Heavy-Asset Transition Overlay
+
+Use this overlay when an A-share company is shifting from traditional engineering, manufacturing, or legacy infra work into IDC, AI-compute infrastructure, or data-center investment and operation.
+
+This overlay does not replace the 6 core skills. It only adds sector-specific checkpoints.
+
+## Source Map
+
+| Source | What It Validates | URL |
+| --- | --- | --- |
+| CNInfo | Annual reports, interim reports, order announcements, financing, impairment, guarantees | https://www.cninfo.com.cn/new/index |
+| SSE listed company portal | Shanghai-listed company disclosures and company profile | https://www.sse.com.cn/assortment/stock/list/info/company/index.shtml |
+| SZSE disclosure portal | Shenzhen-listed company disclosures | https://www.szse.cn/disclosure/listed/fixed/index.html |
+| MIIT | Data-center, industrial internet, green data-center, energy-efficiency policy | https://www.miit.gov.cn/ |
+| NDRC | Macro and computing-infrastructure policy, including East Data West Compute policy context | https://www.ndrc.gov.cn/ |
+| National Energy Administration | Power-supply, energy, and grid-related policy context | https://www.nea.gov.cn/ |
+| National Bureau of Statistics | Regional demand, macro fixed-asset investment, digital-economy context | https://www.stats.gov.cn/ |
+| China Mobile procurement portal | Operator bidding, procurement, and project execution clues | https://b2b.10086.cn/ |
+| China Telecom procurement portal | Operator bidding and contract clues | https://caigou.chinatelecom.com.cn/ |
+| China Unicom procurement portal | Operator bidding and award clues | http://www.chinaunicombidding.cn/ |
+| Local development and reform commissions | Local approvals, land, energy quota, project progress | Use relevant provincial or city DRC website |
+| Local data-bureau or big-data authority sites | Project filings, local data-center policy, park-level support | Use relevant local authority website |
+
+## When to Load
+
+- The company claims to be transitioning into IDC, AI-compute, or digital infrastructure.
+- Revenue is being driven by large projects, equipment integration, or operator contracts.
+- Fixed assets, construction in progress, debt, and utilization are central to the equity story.
+
+## Sector-Specific Questions
+
+### 1. Revenue Quality
+
+- Is the company still mostly recognizing one-off construction or integration revenue?
+- How much revenue is recurring operation revenue versus project delivery revenue?
+- Does management describe a transition to operation income without showing matching ramp-up evidence?
+
+### 2. Asset Conversion
+
+- Are fixed assets and CIP rising ahead of monetization?
+- Is the new asset base tied to self-operated capacity, leased capacity, or EPC-style pass-through work?
+- Does the company disclose load-up, rack occupancy, power-on schedule, or customer onboarding milestones?
+
+### 3. Counterparty Quality
+
+- Are customers mainly operators, cloud vendors, local governments, or related parties?
+- Can the contract be validated on an operator procurement portal or in an exchange announcement?
+- Have there been revisions, delays, or partial terminations?
+
+### 4. Energy and Location Constraints
+
+- Is the project in a region aligned with public computing-infrastructure policy?
+- Are power access, green-energy use, or PUE requirements mentioned in public documents?
+- Is the local node likely constrained by land, power, or policy approvals?
+
+### 5. Financing and Execution Pressure
+
+- Is the transition financed by debt, convertibles, placements, or supplier credit?
+- Do finance costs and working capital rise faster than the quality of recurring cash flow?
+- Is the balance sheet carrying legacy-engineering risk at the same time as new IDC capex?
+
+## Module Overlay Guide
+
+- `strategy-business-transition`: test whether management has moved from EPC narrative to asset monetization proof.
+- `business-decomposition-order-quality`: separate signed orders, delivered work, operating term, and cash collection.
+- `financial-health`: focus on fixed assets, CIP, receivables, contract assets, debt tenor, and finance cost.
+- `industry-competition-moat`: compare against operators, third-party IDC operators, cloud self-build, and integrators.
+- `risk-warning-catalysts`: watch project changes, power access, funding progress, and ramp-up milestones.
+- `valuation-investment-strategy`: prefer scenario-based methods that reflect asset loading and financing constraints.
+
+## Sample-Case Use
+
+For a sample case such as `城地香江 (603887)`, start from official disclosures on CNInfo and the Shanghai Stock Exchange portals, then validate project-side statements through operator procurement portals and local official websites instead of relying on media summaries.

package/selected-skills/china-stock-research-skills/skills/shared/references/language-output-standard.md

@@ -0,0 +1,36 @@
+# Language Output Standard
+
+Default all working outputs to Simplified Chinese.
+
+## Default Rule
+
+- Unless the user explicitly requests another language, every intermediate and final output should be written in Simplified Chinese.
+- This applies to routing decisions, module outputs, scorecards, monitoring dashboards, valuation scenarios, and final merged research frameworks.
+
+## Keep Original Terms When Needed
+
+- Keep source document titles in their original language when citing them.
+- Keep technical, regulatory, accounting, or product terms in English when translation would reduce precision.
+- When keeping an English term, explain it in Chinese if the meaning may be unclear.
+
+## Section Labels
+
+Use Chinese labels by default, for example:
+
+- `事实`
+- `解读`
+- `待验证问题`
+- `监测指标`
+- `情景与估值钩子`
+- `来源附录`
+
+## Citation Rule
+
+- Keep URLs unchanged.
+- Keep company names, regulator names, and document titles in the original form when needed for source retrieval.
+- Surround every key statement with a Chinese sentence structure even if the cited document is in English.
+
+## Override Rule
+
+- If the user explicitly asks for English output, switch the output language to English.
+- If the user asks for bilingual output, provide Chinese first and English second unless the user specifies otherwise.

package/selected-skills/china-stock-research-skills/skills/shared/references/project-order-business-overlay.md

@@ -0,0 +1,28 @@
+# Project and Order-Driven Business Overlay
+
+Use this overlay when a company's earnings depend heavily on contract wins, backlog, milestone delivery, and customer acceptance.
+
+## Typical Signals
+
+- Large contract announcements are a major share-price driver.
+- Revenue recognition depends on completion milestones or acceptance.
+- Customer concentration and collection terms matter more than unit sales volume.
+
+## Questions to Force
+
+- Which orders are framework-only, which are signed, and which are actually executable?
+- Which delivered revenue has turned into collected cash?
+- Are contract assets, receivables, or inventory rising faster than credible execution progress?
+- Which external source can validate the project, customer, or package scope?
+
+## Main Sources
+
+| Source | What It Validates | URL |
+| --- | --- | --- |
+| Exchange announcements | Signed contracts, revisions, cancellations, risk disclosures | https://www.cninfo.com.cn/new/index |
+| Customer procurement portals | Bid wins, package scope, project timing | Use customer official procurement portal |
+| Local government or official project websites | Commencement, approvals, completion, local support | Use relevant official website |
+
+## Output Reminder
+
+Keep four buckets separate: announced orders, executable backlog, recognized revenue, and collected cash.

package/selected-skills/china-stock-research-skills/skills/shared/references/regulated-healthcare-policy-overlay.md

@@ -0,0 +1,29 @@
+# Regulated Healthcare and Policy Overlay
+
+Use this overlay when reimbursement, centralized procurement, approvals, product registration, or medical-policy change materially affects valuation.
+
+## Typical Signals
+
+- Product approvals, tender outcomes, reimbursement, or pricing policy can re-rate the stock.
+- Volume-based procurement, hospital access, or drug-device policy matters more than generic macro growth.
+- Pipeline timing, regulatory review, and commercialization milestones are central.
+
+## Questions to Force
+
+- Which part of the equity story depends on policy rather than pure commercial execution?
+- How vulnerable is price or margin to centralized procurement or reimbursement changes?
+- What milestone must be approved before the next leg of growth becomes real?
+- Which official regulator or healthcare-policy source confirms the key point?
+
+## Main Sources
+
+| Source | What It Validates | URL |
+| --- | --- | --- |
+| National Medical Products Administration | Product approvals, registrations, regulatory process | https://www.nmpa.gov.cn/ |
+| National Healthcare Security Administration | Reimbursement, procurement, policy changes | http://www.nhsa.gov.cn/ |
+| National Health Commission | Healthcare-system policy and institutional changes | http://www.nhc.gov.cn/ |
+| Company reports and announcements | Product revenue mix, pipeline, commercialization timing | https://www.cninfo.com.cn/new/index |
+
+## Output Reminder
+
+Distinguish `policy optionality`, `approved fact`, `commercial adoption`, and `revenue realization`.

package/selected-skills/china-stock-research-skills/skills/shared/references/research-output-template.md

@@ -0,0 +1,50 @@
+# Research Output Template
+
+Use this structure when merging outputs from multiple skills.
+
+Default all sections to Simplified Chinese. See `skills/shared/references/language-output-standard.md`.
+
+## 1. 核心结论
+
+- 一段式结论摘要
+- 主要看多点
+- 主要看空点
+- 结论置信度
+
+## 2. 事实
+
+- 只写事实
+- 每条事实都必须带引用
+
+## 3. 解读
+
+- 解释这些事实意味着什么
+- 明确写出假设
+- 引用保留在所依赖的事实上
+
+## 4. 反证
+
+- 哪些信息会削弱或推翻当前判断
+- 哪些指标或事件会改变观点
+
+## 5. 待验证问题
+
+- 仍需进一步核实的未知点
+- 下一步应去核查的具体来源
+
+## 6. 监测指标
+
+- 需要月度或季度跟踪的指标
+- 关键触发事件与阈值
+
+## 7. 情景与估值区间
+
+- 悲观 / 中性 / 乐观情景
+- 关键假设与敏感性因素
+- 有来源支撑的可比对象
+
+## 8. 来源附录
+
+- 完整引用清单
+- 链接清单
+- 数据限制与证据缺口

package/selected-skills/china-stock-research-skills/skills/shared/references/sector-adaptation-checklist.md

@@ -0,0 +1,42 @@
+# Sector Adaptation Checklist
+
+Adapt the same research framework across sectors without changing the evidence standard.
+
+Start with `skills/shared/references/analysis-pattern-selector.md` before choosing any sector or pattern overlay.
+
+## Universal Questions
+
+- What is the real revenue engine?
+- What balance-sheet items hide the key risk?
+- Which external source can validate management's story?
+- What metric best shows monetization quality?
+
+## IDC and Heavy-Asset Infra
+
+- Check procurement portals, energy policy, regional resource constraints, occupancy or load ramp.
+- Focus on capex, debt tenor, project commissioning, and contract execution.
+- If the company is an IDC, AI-compute, or heavy-asset transition name, also load `skills/shared/references/idc-heavy-asset-transition-overlay.md`.
+
+## Manufacturing
+
+- Focus on utilization, customer concentration, export exposure, and inventory realism.
+- If the company is export-led or OEM/ODM heavy, also load `skills/shared/references/export-manufacturing-supply-chain-overlay.md`.
+
+## Consumption
+
+- Focus on same-store trends, channel health, receivable risk, and brand pricing power.
+- Also load `skills/shared/references/consumer-channel-brand-overlay.md` when channel inventory and brand strength are central.
+
+## Healthcare and Pharma
+
+- Focus on pipeline disclosure, pricing policy, reimbursement, and regulatory milestones.
+- Also load `skills/shared/references/regulated-healthcare-policy-overlay.md` when policy or approval risk is central.
+
+## Cyclicals and Materials
+
+- Focus on price spread, inventory cycle, capex discipline, and regional supply additions.
+- Also load `skills/shared/references/cyclical-price-driven-overlay.md` when earnings are spread- or price-driven.
+
+## Output Rule
+
+When applying a sector overlay, keep the same citation format and note which parts are sector-specific.

package/selected-skills/china-stock-research-skills/skills/shared/references/source-registry.md

@@ -0,0 +1,49 @@
+# Source Registry
+
+Use this registry to prioritize public, accessible, and checkable sources.
+
+## Tier 1: Statutory Disclosures and Regulators
+
+| Source | What to Use It For | URL |
+| --- | --- | --- |
+| Juchao / CNInfo | Annual reports, interim reports, board resolutions, financing plans, risk disclosures | https://www.cninfo.com.cn/new/index |
+| SSE listed company portal | Main-board disclosures for Shanghai-listed issuers | https://www.sse.com.cn/assortment/stock/list/info/company/index.shtml |
+| SZSE disclosure portal | Shenzhen-listed issuer disclosures | https://www.szse.cn/disclosure/listed/fixed/index.html |
+| CSRC | Rules, penalties, policy changes, filing-related rules | https://www.csrc.gov.cn/ |
+| National Enterprise Credit Information | Legal entity status, shareholders, administrative filings | https://www.gsxt.gov.cn/index.html |
+
+## Tier 2: Ministries, Exchanges, Associations, and Public Procurement
+
+| Source | What to Use It For | URL |
+| --- | --- | --- |
+| MIIT | Industry policy, data center policy, industrial standards | https://www.miit.gov.cn/ |
+| National Bureau of Statistics | Macro indicators, industry production, regional data | https://www.stats.gov.cn/ |
+| CAPCO | Listed-company governance and market studies | https://www.capco.org.cn/ |
+| China Mobile procurement | Operator procurement and bid outcomes | https://b2b.10086.cn/ |
+| China Telecom procurement | Operator procurement and contract notices | https://caigou.chinatelecom.com.cn/ |
+| China Unicom procurement | Operator procurement and bid notices | http://www.chinaunicombidding.cn/ |
+
+## Tier 3: Company Channels and Supplementary Public Sources
+
+| Source | What to Use It For | URL |
+| --- | --- | --- |
+| Company IR site | Presentations, investor Q&A, event notices | Use issuer official website |
+| Exchange interactive Q&A | Investor questions and management replies, if publicly archived | Use exchange-linked issuer pages |
+| Government and park websites | Local project approvals, land, energy, industrial policy | Use local government official portals |
+| Industry media | Secondary context only, never sole support for a core conclusion | Use original article URL |
+
+## Mandatory Rules
+
+- Prefer Tier 1 for all core facts, numbers, contracts, financing, and governance items.
+- Use Tier 2 to validate market size, policy, procurement, and regional industry context.
+- Use Tier 3 only as supplementary context unless it reproduces an official source.
+- Keep every URL directly clickable.
+- If a source is behind login or is not publicly reachable, mark it as inaccessible and do not rely on it as the main proof.
+
+## Recommended Source Order by Topic
+
+- Company history and business mix: CNInfo -> annual report -> prospectus -> official website
+- Orders and projects: exchange announcement -> operator procurement portal -> local government/park website
+- Debt and financing: annual/interim report -> bond/convertible bond filing -> board resolution
+- Industry policy: MIIT -> NDRC or local government -> industry association
+- Macro and regional demand: National Bureau of Statistics -> province/city statistics bureau -> policy documents

package/selected-skills/china-stock-research-skills/skills/shared/templates/catalyst-calendar.md

@@ -0,0 +1,5 @@
+# Catalyst Calendar Template
+
+| Date Window | Event | Bullish / Bearish | Why It Matters | Source Link | Follow-up Question |
+| --- | --- | --- | --- | --- | --- |
+|  |  |  |  |  |  |

package/selected-skills/china-stock-research-skills/skills/shared/templates/company-fact-sheet.md

@@ -0,0 +1,25 @@
+# Company Fact Sheet Template
+
+## Basic Profile
+
+- Company name:
+- Ticker:
+- Exchange:
+- Industry:
+- Current main business:
+- Legacy business:
+
+## Snapshot Facts
+
+- Latest revenue:
+- Latest net profit:
+- Latest operating cash flow:
+- Latest asset-liability ratio:
+- Key projects or products:
+
+## Primary Sources
+
+- Annual report:
+- Interim report:
+- Latest quarterly report:
+- Latest major announcements:

package/selected-skills/china-stock-research-skills/skills/shared/templates/evidence-table.md

@@ -0,0 +1,5 @@
+# Evidence Table Template
+
+| Claim ID | Claim | Evidence Tier | Source | Date | Link | Location | Notes |
+| --- | --- | --- | --- | --- | --- | --- | --- |
+| C-001 |  |  |  |  |  |  |  |

package/selected-skills/china-stock-research-skills/skills/shared/templates/idc-project-ledger.md

@@ -0,0 +1,5 @@
+# IDC Project Ledger Template
+
+| Project | Region | Customer | Type | Power / MW | Cabinets / Racks | Contract Amount | Contract Term | Delivery Stage | Revenue Recognition | Payment Terms | Ramp Metric | Primary Source Link | External Validation Link |
+| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
+|  |  |  |  |  |  |  |  |  |  |  |  |  |  |

package/selected-skills/china-stock-research-skills/skills/shared/templates/valuation-scenario-table.md

@@ -0,0 +1,7 @@
+# Valuation Scenario Table Template
+
+| Scenario | Revenue Assumption | Margin Assumption | Cash Flow Assumption | Multiple / Method | Implied Value | Main Source |
+| --- | --- | --- | --- | --- | --- | --- |
+| Bear |  |  |  |  |  |  |
+| Base |  |  |  |  |  |  |
+| Bull |  |  |  |  |  |  |

package/selected-skills/china-stock-research-skills/skills/strategy-business-transition/SKILL.md

@@ -0,0 +1,55 @@
+---
+name: strategy-business-transition
+description: Analyze an A-share company's strategy, business evolution, and transformation progress. Use this skill when assessing whether a listed company is truly completing a business transition, whether legacy assets still drag results, and which milestones can confirm or falsify management's strategic narrative. All outputs must include accessible source links.
+---
+
+# Strategy Business Transition
+
+Analyze how an A-share company moved from its old business model to its current one.
+
+## Non-Negotiable Rules
+
+- Separate `Facts`, `Interpretation`, and `Open Questions`.
+- Cite every key statement with an accessible link.
+- Prefer official disclosures and regulator sources over media.
+- Do not evaluate valuation, trading plan, or detailed order-quality math here.
+- Default every intermediate and final output to Simplified Chinese unless the user explicitly requests another language.
+
+## Read First
+
+- `skills/shared/references/source-registry.md`
+- `skills/shared/references/citation-standard.md`
+- `skills/shared/references/company-disclosure-map.md`
+- `skills/shared/references/analysis-pattern-selector.md`
+- `skills/shared/references/language-output-standard.md`
+- `skills/strategy-business-transition/references/transition-scorecard.md`
+- If the company is in a business-model transition, also load `skills/shared/references/business-model-transition-overlay.md`.
+- If the company is an IDC or AI-compute transition case, `skills/shared/references/idc-heavy-asset-transition-overlay.md` and `skills/strategy-business-transition/references/idc-transition-markers.md` are optional example overlays.
+
+## When to Use
+
+- Assess a company pivoting from legacy business to a new growth engine.
+- Test whether management's transformation narrative is supported by disclosures.
+- Identify remaining drag from old assets, old customers, or old liabilities.
+
+## Workflow
+
+1. Pull the prospectus, latest annual report, latest interim report, and recent major announcements.
+2. Build a timeline of business-model changes, capital allocation, financing actions, and project milestones.
+3. Identify the old business, the new business, and the overlap period.
+4. Measure whether revenue, gross profit, assets, and cash flow have migrated with the narrative.
+5. Score the transition using the transition scorecard.
+6. Output only strategic conclusions and verification points.
+
+## Required Output
+
+- `事实`: business history, segment changes, capital allocation, asset changes, management statements
+- `解读`: transition completion level, internal contradictions, likely bottlenecks
+- `待验证问题`: what still needs verification and which source should answer it
+- `Transition Radar`: capability, customer mix, revenue quality, asset-light progress, cash conversion
+
+## Boundaries
+
+- Do not deep-dive project pipeline execution.
+- Do not calculate solvency scorecards here.
+- Do not produce target price or entry/exit advice.

package/selected-skills/china-stock-research-skills/skills/strategy-business-transition/references/idc-transition-markers.md

@@ -0,0 +1,27 @@
+# IDC Transition Markers
+
+Use this guide when a company claims to be moving from legacy engineering or manufacturing work into IDC, AI-compute, or digital-infrastructure operation.
+
+## Source Map
+
+| Source | What to Validate | URL |
+| --- | --- | --- |
+| Prospectus and annual report | Original business model, raised funds, asset base, risk factors | https://www.cninfo.com.cn/new/index |
+| Interim and quarterly reports | Whether segment mix and asset mix are actually changing | https://www.cninfo.com.cn/new/index |
+| Board resolutions and financing filings | Capital allocation and project commitment | https://www.cninfo.com.cn/new/index |
+| SSE / SZSE company disclosure portals | Official exchange-side retrieval path | https://www.sse.com.cn/assortment/stock/list/info/company/index.shtml |
+
+## Transition Markers
+
+- Legacy business receivables, impairments, or guarantees are shrinking instead of expanding.
+- New-business revenue is becoming a larger share of total revenue and gross profit.
+- New-business evidence shifts from announcement language to operating proof such as signed long-term service contracts, ramp-up, or recurring service income.
+- Asset growth is paired with disclosed commissioning or utilization milestones.
+- Management capital allocation, financing, and organization structure match the new strategy.
+
+## Warning Signs
+
+- The narrative shifts faster than the financial statements.
+- Old-business losses continue to consume cash while new-business capex rises.
+- Reported transformation relies on project wins but not on monetization proof.
+- The company describes itself as an operator while disclosures still show mainly delivery revenue.

package/selected-skills/china-stock-research-skills/skills/strategy-business-transition/references/transition-scorecard.md

@@ -0,0 +1,13 @@
+# Transition Scorecard
+
+Use five dimensions for a transition score.
+
+| Dimension | What to Check | Example Evidence |
+| --- | --- | --- |
+| Capability | New technical, production, or operating capability | Annual report, project milestone, qualification |
+| Customer mix | Old customers replaced by new target customers | Segment note, major contract announcement |
+| Revenue quality | One-off delivery vs recurring or sticky revenue | Segment revenue note, contract term |
+| Asset-light progress | Legacy assets shrinking or being impaired/disposed | Balance sheet, asset disposal notice |
+| Cash conversion | New business turning into real cash | Cash-flow statement, working-capital note |
+
+For each dimension, label `Strong`, `Mixed`, or `Weak` and attach at least one official source.